By Staff Reporter
Riyadh: Florida-based eVTOL (electric vertical takeoff and landing) startup Doroni Aerospace has secured $30 million in funding from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia, to manufacture and export its H1-X flying car.
Designed for personal use, the HX-1 is a two-seater aircraft that can be parked in a two-car garage, charged at home, and taken off vertically from a driveway.
The definitive agreement includes plans for a joint venture to manufacture the H1-X in Saudi Arabia, starting in 2027. The joint venture, co-owned and financed by KAI, will produce and distribute the aircraft globally, expanding Doroni’s market reach. Formalization of the agreement is expected in the coming months.
The $30 million investment includes an initial $5 million to be invested at the closing, with the remaining $25 million tied to key development milestones over the next two years. Upon completion, KAI will hold a 40 per cent stake in Doroni, subject to future capital raises.
Doron Merdinger, Founder and CEO of Doroni Aerospace, said, “We are excited to welcome Kingdom Aero Industries as a strategic investor and manufacturing partner. This investment fuels and accelerates the H1-X development, while our joint venture will establish the production infrastructure necessary for global distribution.”
Founded in 2017 by serial entrepreneur Doron Merdinger, Doroni Aerospace launched a limited-time pre-order deal for the H1-X flying car for $1,000 last year. Meanwhile, Doroni said it continues to focus on the FAA certification path for its flying car, with an expected price of $350,000.
Ismail Kashkash, CEO of KAI, said, “This partnership aligns with our mission to bring transformative air mobility solutions to the world. We are proud to help drive Doroni’s vision and establish a world-class manufacturing hub in Saudi Arabia.”
